Just like the stimulus not working as advertised, the deficit projections from the Obama administration as equally flawed. The Congressional Budget Office released new projections yesterday and they paint an even worse picture than before. Look at 2020, the number as twice as bad as predicted.
From the AP:
WASHINGTON – A new congressional report released Friday says the United States' long-term fiscal woes are even worse than predicted byPresident Barack Obama's grim budget submission last month.
The nonpartisan Congressional Budget Office predicts that Obama's budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That's $1.2 trillion more than predicted by the administration.
The agency says its future-year predictions of tax revenues are more pessimistic than the administration's. That's because CBO projects slightly slower economic growth than the White House.
It does not take a rocket scientist to figure out that these numbers will not lead to a happy ending. It also does not take a rocket scientist to understand that we simply cannot afford a new $1 trillion health care entitlement [deficit neutral my behind].
The only way to bring this debt under control is to remove the spend thrifts and elect politician with the cojones to start cutting everything, and I do mean everything.
Via: Associated Press